Subsidy Adjustments Hurt Yingli's 3Q Performance; Fair Value Estimate Unchanged
Yingli Green Energy reported that revenue was down about 42% sequentially and gross margins were 5.5% in its third quarter. As we saw with many of the firm's peers, revenue declined as a result of suppressed module shipment volume. Lack of demand from Chinese markets had the greatest impact on earnings, but module oversupply and depressed prices also held a role. In Yingli's largest market, feed-in-tariff adjustments damped requests for solar projects. Historically, over 60% of demand has come f...
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